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USD/CAD Technical Analysis 02.12.2013

Ilya Spivak

USD/CAD Technical Analysis- Prices rebounded as expected after putting in a bullish Morning Star candlestick pattern. Buyers are now testing above resistance at 1.0074, the 50% Fibonacci expansion. A confirmed break higher on a daily closing basis exposes the 61.8% level at 1.0708. Near-term support is at 1.0041, the 38.2% Fib.

Forex_USDCAD_Technical_Analysis_02.08.2013_body_Picture_5.png, USD/CAD Technical Analysis 02.12.2013

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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